Emirates NBD has revealed the criteria for small and medium enterprises (SMEs) to participate in the first phase of the newly-launched AED500 million ‘Dubai International Growth Initiative’.
Here’s what we know:
1. First phase is open to key sectors
The first phase of the initiative is open to Dubai-founded SMEs in select sectors including food and beverage (F&B), fast moving consumer goods (FMCG), retail, including parts and machinery distribution, e-commerce, services and manufacturing. Additional sectors will be added in subsequent phases.
2. Businesses will receive up to AED15 million in financing
Through the support of Emirates NBD, it will facilitate up to AED15 million in financing to eligible businesses for up to seven years, allowing them to manage cashflow effectively during their global expansion phase. The cost of financing will be based on the Emirates’ Interbank Offered Rate (EIBOR), with no additional margin. A key focus of the initiative is to provide participants with access to financing for their global expansion.
3. There will be a joint steering committee
A joint steering committee, comprising representatives from the Government of Dubai and Emirates NBD, will be responsible for guiding the initiative and selecting eligible SMEs.
The initiative was introduced in January by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, to accelerate the global expansion of Dubai-founded small and medium enterprises (SMEs). It is aligned with the goal of the Dubai Economic Agenda D33 to double the size of the emirate’s GDP.
Upon fulfilling the initial eligibility criteria, a dedicated specialist will conduct a comprehensive review of the applicants’ business followed by the joint steering committee’s review for inclusion in the initiative. Qualified applicants will work closely with Emirates NBD to receive tailored financial solutions to address their unique growth needs.
Interested applicants can discover more about the initiative here
